Stop Guessing and Start Profiting
If there’s one question that all business owners have had to ask themselves at some point in time, it’s how much should they be charging for their products and services? But determining your pricing strategy shouldn’t be keeping you up at night… especially as creators, it’s crucial that you learn to get comfortable charging what you’re worth - anything less than that is just a disservice to yourself and your brand. So how do you put a number on it? We’re here to help you find out!
First and foremost, your subscription pricing needs to do 3 things:
Reflect your overall brand
Align with the industry you’re in, and
Resonate with the audience that you’re targeting
As a business in the race to win over customers; it’s imperative to not only educate yourself on your competition but also determine how you and your products/services stand out in comparison. When in doubt, remind yourself of all the unique skills and knowledge that you have acquired, with the full belief that these will add value to your clients lives.
If you are still unsure, start by determining the tangible benefits one could get from buying into your online business. Are you able to help people learn how to improve their physical strength, or maybe teach them coping mechanisms when they’re experiencing anxiety? Knowing the exact concerns, motivations and goals of your community will allow you to create aligned solutions for them - one’s that they will be happy to pay for. Defining your business’s revenue goals as well as considering your costs, will also help you determine not only what you think you should be charging your subscribers but how much you need to be making on a regular basis to ensure your business’s profitability and overall success.
Still feeling stuck? Based on our experience at Sudor, one pricing strategy that is frequently used by our creators is offering different levels of membership at varying price points, allowing our teachers and trainers to appeal to a diverse array of customers. Providing additional value-added services with each option can also allow you to justify a higher price point; whilst including promotional aspects such as free trials and regular discounts are a great way to attract new clientele.
While we understand that these decisions may seem daunting, remember that your subscription prices are not set in stone, and that you should always be open to adjustments as your business evolves and grows. And with the help of our tips and tricks, you should be ready to start pricing!
Team Sudor